The stock surged 6.2 percent to 60 shillings by the 3 p.m.
close in Nairobi, the capital. More than 14 million shares
traded, 96 times the three-month daily average, according to
data compiled by Bloomberg.

“We expect to see a significant growth in profit,” Eric
Munywoki, a research analyst at Nairobi-based Old Mutual
Securities Ltd., said by phone. The first phase of the Tanzanian
plant became operational in August, which will boost sales by as
much as 1 billion shillings ($11.4 million), he said.

The company’s total production will rise to 2.6 million
metric tons a year from 1.1 million metric tons when ARM’s
Tanzania plant becomes fully operational in the first half of
this year, he said.

Net income climbed to 826.5 million shillings in the nine
months through September from 193 million shillings a year
earlier, the Nairobi-based company said in October. Revenue
jumped 29 percent to 7.74 billion shillings, ARM said.

ARM, formerly known as Athi River Mining Ltd., proposed a
five-for-one share split last year that came into effect Dec.
24. The stock has climbed 37 percent this year, compared with a
11 percent advance for the Nairobi Securities Exchange All-Share
Index.

Gains are also being driven in part by the share split,
Aly-Khan Satchu, chief executive officer of Nairobi-based
investment company Rich Management Ltd., said by phone.